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Business News

Rams sell for as low as N21,000 in major markets as sellers witness mixed turnouts   

Eid-El-Kabir celebration is here and Nigerians are already enjoying the fanfare that comes with the season. Findings from major markets visited by the Research Team show that the prices of rams dropped.

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Rams sell as low as N21,000 in major markets as sellers witness mixed turnouts

Eid-El-Kabir celebration is here and Nigerians are already enjoying the fanfare that comes with the season, ready to join their families and friends in the festivities. As Muslim ‘faithfuls’ across the globe prepare to celebrate, the acts of buying and slaughtering of rams are regarded as the sine qua non of the celebration and a form of sacrifice to Allah (S.A.W). 

Nairametrics Research, once again, visited major markets in Lagos State to obtain the prices of rams for the benefit of our esteemed readers. Findings from the major markets visited by the Research Team show that the prices of rams dropped compared to what was obtainable last year.   

Specifically, ram sellers in some of the markets visited complained of low sales despite the fact that the prices of the commodity dropped. However, traders in other markets like Island and Berger expressed satisfaction with respect to sales turnover.  

[READ: How to profit from a falling market with dollar-cost averaging]

The markets witnessing low turnouts 

Agege Markets

At the markets in Agege, the smallest size of ram is sold for N21,000 while the biggest size is sold for N250,000. According to Seriki Mustapha, a ram seller in Mongoro market, Agege, there is an extremely low turnout of buyers in the market. He attributed this to the lack of money in circulation.  

“No money this year, sales are very low, unlike last year where people came out en masse to purchase the commodity in various quantity.”  

Mangoro Ram Market, Agege, Lagos

Mile 12 Markets

A visit to Adekunle Market in Mile 12 showed that sales turnover is equally very low despite lower prices. There, the smallest size of ram is sold for N25,000 while the biggest size is sold for N250,000. We gathered that prices of rams at Adekunle market are higher than what is obtainable at Agege. 

The Research Team interviewed a seller in the market known as “CSO”. He said, “There should have been a greater influx of people into the market from the later part of July to indicate that a celebration is in sight, but the reverse is the case as the market has been very scanty. “ 

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Also, other traders interviewed in the market expressed their grievances with the current situation of sales and opined that lack of money in circulation is the main cause for the low sales. They stated that rams which were brought into Lagos two weeks ago were yet to be restocked, due to low sales. This, according to them, was not the case in previous years.  

Adekunle Market, Owode Elede, Mile 12

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The markets witnessing high turnouts 

Berger Market

Meanwhile, the ram market at Berger along Lagos-Ibadan Expressway, witnessed a good turnout, as many buyers were seen bargaining the prices of different sizes of rams and cows. The prices of rams range from N30,000 to N250,000 in the market, depending on the sizes. The prices of small rams, however, appear higher. 

Mr Babalola Abiodun, a ram dealer in the market expressed joy at the large turnout of customers in the market. He disclosed to the Research Team that they had made considerable sales this year compared to last year, and confirmed that the prices of rams have indeed reduced compared to last year.  

 Abraham Adesanya Flower House Ram Market, Ajah

We gathered that the sales of rams improved more than the previous year as buyers trooped into the market to buy rams. Basically, the smallest size of rams also sells for N30,000 while the biggest size goes for N250,000.  

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According to a major Ram Seller, who is known as Mr. Sodiq in the market, “The price of ram is cheaper compared to last year’s price.”  

While further speaking with the Research Team, Sodiq called on the government to help in the construction of roads to facilitate easy transportation of rams and cows from the North to the West.  

Abraham Adesanya Flower House Ram Market, Ajah 

The insights gathered: Following the data obtained from the various markets visited, at the moment, rams are cheaper in markets with low turnouts, while they are relatively higher in other markets with high patronage. In a nutshell, buyers who choose to patronise the ram markets on the Island and Berger will pay more, while Agege and Mile 12 markets sell at relatively cheaper prices. 

[READ MORE: Prices of imported rice and other items fall as Irish potatoes fluctuate]

 

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Nairametrics Research team tracks, collates, maintains and manages a rich database of macro-economic and micro-economic data from Nigeria and Africa. Our analysts share some of the data collated on Nairametrics, using formats such as docs, tables and charts etc. The team also publishes research based analysis as articles on a regular basis.

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Business News

FG to distribute 10 million LPG gas cylinders in 1 year

The FG is set to inject up to 10 million gas cylinders into the market to help improve safety and deepen cooking gas utilization.

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The Federal Government has announced plans to inject 5 to 10 million Liquefied Petroleum Gas (LPG) cylinders into the market in the next one year.

This is to help improve safety and deepen LPG (otherwise known as cooking gas) utilization across the country.

This disclosure was made by the Programme Manager, National LPG Expansion Implementation Plan, Mr Dayo Adeshina, at a sensitisation workshop on LPG Adoption and Implementation for Industry Stakeholders, on Wednesday in Lagos.

According to a report from the News Agency of Nigeria (NAN), Adeshina said the National LPG Expansion Implementation Plan, domiciled in the Office of the Vice President, was committed to achieving Nigeria’s target of 5 million Metric Tonnes of LPG consumption annually by 2027.

What the Programme Manager for LPG Expansion Implementation Plan is saying

Adeshina said, “The Federal Government is working towards injecting five to 10 million cooking gas cylinders into the market within the next one year. We are starting the cylinder injection under the first phase in 11 pilot states and FCT, with two states from each of the geopolitical zones.

The states are Lagos, Ogun, Bauchi, Gombe, Katsina, Sokoto, Delta, Bayelsa, Ebonyi, Enugu, Niger and the Federal Capital Territory. The cylinders will be injected through the marketers. The marketers will be responsible for the cylinders and the exchange will take place in homes and not in filling stations.

What this means is that going forward, cylinders will not be owned by individuals but by the marketers who will ensure that they are safe for usage.’

Adeshina pointed out that apart from household consumption, the government was trying to increase LPG usage in agriculture, transportation and manufacturing adding that this will enable the country to reduce CO2 emission by about 20% and create millions of jobs for Nigerians.

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He said that the government had also granted waivers on importation of LPG equipment and removed Value Added Tax (VAT) on LPG in addition to investment in infrastructure.

The President of the Nigerian Liquefied Petroleum Gas Association, Mr Nuhu Yakubu, said efforts should be made to ensure the availability, accessibility and affordability of cooking gas in the country adding that this would encourage more Nigerians to embrace gas usage in their homes with the attendant benefits to the country.

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Mr Olalere Odusote, Lagos State Commissioner for Energy and Mineral Resources, said the population of Lagos makes it imperative for residents to adopt cleaner energy sources for cooking, transportation and power generation adding that the government was targeting the conversion of 45% of about 4 million vehicles in the state to autogas over a four-year period in partnership with marketers.

What you should know

  • It can be recalled that the Federal Government had in November 2020, announced plans for the conversion of cars to autogas in a bid to have cheaper and cleaner energy especially with the high cost of petrol.
  • The government at different levels are pursuing cleaner energy sources for cooking, transportation and power generation.

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Business

JAMB bans use of email by candidates for UTME, DE registration

JAMB has announced that candidates for the UTME and Direct Entry will no longer be required to provide their email addresses at the point of registration.

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The Joint Admission and Matriculation Board (JAMB) has announced that candidates for the Unified Tertiary Matriculation Examination (UTME) and Direct Entry will no longer be required to provide their email addresses at the point of registration.

The new adjustment is to protect candidates from various forms of manipulation and distortion of their personal details by some fraudulent cyber café operators.

The Registrar of JAMB, Prof. Is-haq Oloyede, who made the disclosure while addressing newsmen at the board’s headquarters on Wednesday in Bwari, Abuja, said the change, would take effect from Thursday, April 15, 2021.

What the JAMB Registrar is saying

Oloyede said, “They gain access to profiles of these candidates under the pretense of creating an email address for them. Then they change and block the candidates from receiving messages from the board. They also extort them after they change their passwords.

In view of this, the board has come up with adjustments to our operations. The first decision is that beginning from Thursday, April 15, candidates would no longer be required to provide any email address during registration from this year onwards.

It is by going to these cyber cafes to open emails that these candidates are open to abuse and stealing of their personal data,’’ he said.

He said that the board now had a mobile app that would allow candidates to deal directly with the board with their smartphones or via SMS to ‘55019’ code option.

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The code option, he explained, would allow candidates to check admission status as well as all other verifications via SMS.

He said, “Printing of examination slips, results notification or raising tickets can be done anywhere by using candidates’ registration number only. However, at the close of registration every year, we would need the email addresses of the candidates so we can have access to as many of them as possible.

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At the conclusion of registration, candidates are expected to send their email addresses through the mobile app or text message to the 55019 code twice, for validation. This is to update their profile with JAMB as the email will no longer be used as access to their profile, but rather as a communication tool with candidates.’

While advising candidates to guard their phones with utmost care as it was the weapon for all transactions, Oloyede said that henceforth, all JAMB owned Computer-Based Tests (CBT) centres across the country, would only allow candidates with ATM cards into its centres.

He said that in order to cut down on the activities of fraudsters who hijack candidates to extort money from them, the centres would no longer allow candidates go outside the centres to pay for their e-pins and other cash transactions.

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The JAMB Registrar said, “Only candidates with ATM cards will be allowed into all JAMB owned CBT centres, it can be that of their parents as long as they have the pin for the transaction.

“Those without ATM cards can go to other privately owned CBT centres where they can pay cash to register but we will not take cash or transact outside our centres.’’

What you should know

Meanwhile, in a related development, JAMB had said that the board lost over N10 million in 2020 to activities of fraudsters who penetrated their payment portal for ad-hoc staff.

The JAMB Registrar said that the money, which was meant to pay JAMB ad-hoc staff from the 2020 Unified Tertiary Matriculation Examination (UTME), was hijacked by the suspected fraudsters.

JAMB had a few days ago confirmed the commencement of registration for the 2021 UTME/DE examinations after the initial hiccup.

It stated that applicants must provide NIN at the point of registration with the registration by Direct Entry candidates to run concurrently with that of UTME candidates.

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